Universal Display Rising: Q4 Revenue Beats, Year Rev View Light

By Tiernan Ray

Shares of organic light-emitting diode technology maker Universal Display (OLED) are higher by 92 cents, or 2.6%, at $36.10, after the company this afternoon reported Q4 revenue that topped analysts’ expectations, and forecast this year’s revenue slightly below consensus.

Revenue in the three months ended in December rose 76.2%, year over year, to $49.5 million, yielding EPS of 35 cents, excluding some items.

Analysts had, on average, been modeling $47.8 million and 32 cents per share.

There appears to be some confusion over the earnings number this evening. At least one outlet is comparing the 35-cent estimate to a consensus for 43 cents, while at least one other outlet has EPS listed at 34 cents. FactSet Information Services lists non-GAAP EPS at 40 cents per share, whereas GAAP EPS is listed at 32 cents.

CFO Sidney D. Rosenblatt called the results “strong,” adding,

Across the Company, we have been building momentum for profitable growth. A significant milestone was reached in 2013 with the commercial adoption of our green emissive dopants and green hosts. We continue to expand our IP and materials portfolio, while also pursuing new avenues of opportunity including single layer barrier encapsulation and organic vapor jet printing (OVJP) technologies. These long-term projects are in their early stages, but we believe they hold promise. We are also optimistic about the prospects for growing our business and enabling energy efficient OLED products as we continue to improve our materials, broaden our product portfolio, deepen our customer relationships, and foster developmental activity. Looking ahead to 2014, these factors and the growing OLED market give us confidence in our upward trajectory as we build shareholder value.

For this year, the company sees revenue in a range of $190 million to $205 million. That is below consensus for $200.6 million.

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There are 7 comments

FEBRUARY 27, 2014 5:43 P.M.

dogspeed wrote:

Gee Tiernan , couldn't work the word "devastating" into your headline? $190 to 205 is a range. $205 happens to be higher than 200 but why dabble in details.

FEBRUARY 27, 2014 5:53 P.M.

Bigdogtone7 wrote:

If I pull out the old number line from 1st grade, the consensus of $200.6 million actually falls between $190 million and $205 million.

FEBRUARY 27, 2014 8:01 P.M.

scchili wrote:

Objectivity must not be part of your job discription Ray. I guess your next headline will read "growth slows " or perhaps " growth down nearly 50%". You are such a TOOL.

FEBRUARY 27, 2014 9:17 P.M.

rvga128 wrote:

"For this year, the company sees revenue in a range of $190 million to $205 million. That is below consensus for $200.6 million."
Can you correct that. Because people will wonder how somebody writing for Barron's can be so bad at simple math.

FEBRUARY 27, 2014 10:08 P.M.

Tiernan Ray wrote:

rvga128: The mid-point of a range that spans $190 to $205 is $197.50. If you would like something to be corrected, tell me how $197.50 is not below $200.6. Or did you have a different kind of simple math in mind besides math itself?

FEBRUARY 28, 2014 7:03 A.M.

TimX wrote:

Tiernan has done this before with OLED, not that it matters very much. The revenue is not light, it is exactly in line. I think the more important question is why he does it.

Forecasts were 199 million, they guided 190 to 205.

FEBRUARY 28, 2014 7:21 A.M.

TimX wrote:

This ius the last texample which Tiernan acknowledged.

AUGUST 8, 2013 7:26 P.M.
TimX wrote:

The way I read it they guided to the top number of estimates

“Expects to reach the high end of it’s guidance range”, which is 125M. That isnt roughly in line with consesnus estimates of 118, it beats them.

.====Although the OLED industry is still at a stage where many variables can have a material effect on our growth, the Company now has better visibility into its potential future financial performance and expects 2013 revenues to reach the high end of its $110M-$125M guidance range.

AUGUST 8, 2013 7:35 P.M.
Tiernan Ray wrote:

TimX: Yes, that is a good point. Thank you for pointing that out. The post has been updated.

About Tech Trader Daily

Tech Trader Daily is a blog on technology investing written by Barron’s veteran Tiernan Ray. The blog provides news, analysis and original reporting on events important to investors in software, hardware, the Internet, telecommunications and related fields. Comments and tips can be sent to: techtraderdaily@barrons.com.